Very difficult job for Cameron after Brown’s announcement of a 2p cut in income tax (from next April). Cameron responded by saying that the Chancellor had, after all, accepted the Tory idea that you could cut taxes and raise spending through the proceeds of growth. He said that Brown only normally cut taxes before an election – this time he must have his mind on the Labour election. This budget, he said, would not compensate for all of Gordon Brown’s tax rises of recent years.

The Tory leader kept asking the question: Where has all the money gone?

Best line from Cameron: "The Chancellor who has taken one tax down but put 99 up."

Got to go now. More later…

PS The guys at the TPA clapped as Brown concluded his speech. All this political cross-dressing is very confusing.

4pm update – BEST TWO STALIN JOKES FROM CAMERON’S SPEECH:

"The frontbench are all standing for the Deputy Leadership because they know from history that it is the best way to avoid the Gulag."

Gordon Brown has "the tendencies of Stalin and the poll ratings of Michael Foot."